The amount of the Withdrawals account can be found on the work sheet.

Name: The amount of the Withdrawals account can be found on the work sheet.
Brand: Quizplus
Rating: 4.9 (33 reviews)

Question

Quizplus · Accepted Answer

The withdrawals account is a temporary capital account and its balance is transferred to the permanent capital account at the end of the accounting period. The work sheet shows the net income or net loss for the period, which includes the amount of withdrawals that were made. Therefore, the amount of the withdrawals account can be found on the work sheet.

The Amount of the Withdrawals Account Can Be Found on the Work